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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #55,121
  • Feb 16, 2010 3:14am Feb 16, 2010 3:14am
Quoting james16
me also and i totally agree my friend.

for years i have told people to take the basic material and "make it there own" thru testing of different approaches. the basic material taught here can be a key to making many different formerly unprofiable methods profitable. i love seeing that happen and i certainly dont want to see it stop.

what we must always remember is that new people often dont take time to determine wether something is just being tested or has actually been proven over time before throwing money they dont have at it.

we...
Just wanted to say thanks again to Jim, Mike and every body for their overwhelming generosity in sharing material, support and advice. Yes there is quite a lot of variation in styles which can be confusing but really not difficult to filter. It's good to have an awareness of more technically sophisticated approaches and that is part of a longer term learning curve.

To me it's about really understanding the basic principles and patterns of PA and being able to apply it successfully. Then may be moving on to try out other related approaches. No different to most other sorts of learning - running before learning to walk is generally a recipe for disaster. Clearly no quick fix - takes discipline and study.

I am actually back at a pre - demo level having jumped in fairly early and got pretty mixed results on demo. Finding it useful to just spend time studying charts, following the thread (current and past), J16 guest material, posting the occasional query and getting just tremendous help back. Almost at the point where I think I can usefully apply what I have learnt and will start demoing again. This is a great opportunity but I do find the occasional 'gut feeling let's go for it' type posts unhelpful, although easily identified and skipped.

So basically please carry on as you are and thanks again

Jeremy
  • #55,122
  • Feb 16, 2010 3:33am Feb 16, 2010 3:33am
Quoting fxlan
Your experiences? I would love to hear it.
i have extensive detrimental experience of these kinds of bad stuff.

what i can remember is that (although i was a previous insomniac) i get occasional bad moods, i often feel weak, very slow (brain), among other things.
i used to be awake for 15-20hours (sometimes more) because i was monitoring charts, with or without trades on.

apart from being 'underslept', i was malnourished. seriously.
it was a bad combination.
most definitely these have affected my trading progress.

recently, i've seen a tv documentary about sleep, pointing out its importance to our health & the detrimental risks of sleep deprivation. i plan to learn more about sleep & sleep deprivation (thru internet search) & i suggest u do the same (if u are interested).

sleep as much as possible. the (+/-) 8-10 hour sleep at night is the most important (for our body & health).


btw, trading the james16 method (trading H4 & up) will help here:
less stress (trading & health-wise), more time for yourself, more sleep time.
  • #55,123
  • Feb 16, 2010 3:39am Feb 16, 2010 3:39am
Quoting Prof Hunter
???
i dont trade that pair.
but based on your chart, it's either breakout or reversal.
try to wait for a PA setup.
  • #55,124
  • Feb 16, 2010 3:49am Feb 16, 2010 3:49am
Thank you for sharing your experience supreme. It will certainly keep me away from doing something stupid.
The problem is i dont want to lose not a single second for anything else but trading or reading different books. I havent been to the gym or played soccer or basketball for a couple of months because i felt i was loosing precius time. But i just realised i have to change that and think about health...it cant be good if you sit whole day behind the computer and then sleep for a couple of hours and not doing anything else.

Lan
  • #55,125
  • Feb 16, 2010 4:22am Feb 16, 2010 4:22am
Quoting Prof Hunter
???
Yes, I'm watching and if the following occurs I will consider a trade.

1. Breakout above the PPZ...if price then retests this former resistance and confirms it as support I would consider a position long.

2. If PA forms which indicates the PPZ area will hold as resistance e.g. a nice pin bar, BEOB, IB or DBHLC then I would consider a position short.

If none of these form then I would not consider a trade and would just move on...
  • #55,126
  • Feb 16, 2010 4:28am Feb 16, 2010 4:28am
Quoting fxlan
Thank you for sharing your experience supreme. It will certainly keep me away from doing something stupid.
The problem is i dont want to lose not a single second for anything else but trading or reading different books. I havent been to the gym or played soccer or basketball for a couple of months because i felt i was loosing precius time. But i just realised i have to change that and think about health...it cant be good if you sit whole day behind the computer and then sleep for a couple of hours and not doing anything else.

Lan
I have been thinking this, I have a job where I sit down all day, get home and sit in front of the charts. I am going to cycle to work though, should give 1 hour a day exercise.
  • #55,127
  • Edited 4:40am Feb 16, 2010 4:30am | Edited 4:40am
Quoting fxlan
...
The problem is i dont want to lose not a single second for anything else but trading or reading different books. I havent been to the gym or played soccer or basketball for a couple of months because i felt i was loosing precious time.... But i just realised i have to change that and think about health
i believe your thinking is on the right track, Lan.

the key seems to be making priorities.
think of trading as anything that is part of your daily life. in other words, dont let trading be your 'only life' & hence isolate yourself from other things (specially those important things u used to do prior to learning about trading).
if done successfully, trading will lead u to the path of financial freedom. it is important to u, but so too are sleep, exercise, family, health. give priorities for these; spend ample time for these.
& priorities-wise, put more/enough time into trading & learning to trade.. & spend less time on petty/unimportant/unurgent things (party, travel, chatting, bumming around, other things).. do not take away from time dedicated to sleep, exercise, family.

Quote
..The problem is i dont want to lose not a single second..
i believe many still feel/have felt this way before, myself included.
i feel like i want to 'swallow' all the knowledge, all the posts, all the free videos, for example in this thread, all at once, as much as my brain can handle (so much so that i dont want to sleep for 1 month or so). did u feel the same?
often, u have to slow down.
"haste makes waste"

go play sports again (i have not played sports or exercised for about 2-3yrs. luckily, i played intensively for about 4-7yrs prior that, & continually try to eat healthy until today; will start with sports/exercise again this year)
  • #55,128
  • Feb 16, 2010 4:32am Feb 16, 2010 4:32am
Quoting chatzi
I have been thinking this...I am going to cycle to work though, should give 1 hour a day exercise.
more if u can
  • #55,129
  • Feb 16, 2010 4:36am Feb 16, 2010 4:36am
Hi All,
I am looking to join up with a fellow forum member and become Trading Buddies! The idea is that we will only take set-ups which both of us agree on and in turn our accounts should benefit from more disciplined and timely entries. As I mentioned before, discipline was my main target area for improvement and I hope having a buddy will make me/us more responsible as the joint calls will add responsibility as we will be acting in the interest of both of our accounts.

The actual method can be discussed and agreed in greater detail later but I am looking for someone with a similar level of understanding so that all my suggestions aren't simply approved.

I mainly look at the major FX pairs, the major indices and crude. I also like to have a look at underlying fundamentals in order to assist with identifying trends and also because I work in the Asset Management industry so need to keep in touch with the latest economics issues.

I have been trading for approximately two years and have done a lot of research on technical analysis, I simply need to hone my strategy! Patience is the missing piece in my jigsaw. I live in London and have regular access to e mail etc so am pretty flexible in terms of when I could reply, although good set ups don't show up everyday so the need to communicate regularly during the day is probably not required either. Checking e mails once an evening or so should suffice.

You can either be on a demo account or a live account, as long as you take the practise seriously enough it shouldn't matter either way. If this sounds like something you would like to do, can benefit from as well as can be an active part of then please PM me or drop a reply here and we can talk further.

Thanks!
MP
  • #55,130
  • Feb 16, 2010 4:53am Feb 16, 2010 4:53am
Quoting Mp1983
Hi All,
I am looking to join up with a fellow forum member and become Trading Buddies! The idea is that we will only take set-ups which both of us agree on and in turn our accounts should benefit from more disciplined and timely entries....
I am looking for someone with a similar level of understanding...
....
Greetings MP!
i believe u have a noble idea.

however, my concerns are:
1. IMHO, it is difficult to find a trader "with a similar level of understanding": u will find/realize either u have more understanding/knowledge than him/her, or the opposite.
2. each trader has a unique risk profile, personality, goals etc. so u & your trading buddy may have several disagreements (trading opinion) along the way.
3. each trader has a unique lifestyle (employed, unemployed, etc)


if i may suggest, here is an alternative:
have a trading buddy, one that can share with u potential trade setups, then u can discuss the setups, but taking the trade or not will be an individual decision/prerogative.

Good luck!
  • #55,131
  • Feb 16, 2010 5:06am Feb 16, 2010 5:06am
I want to ask a question about touch trades, (an advanced method that newbies should not start with, if you are new goto page 1 and follow from there).

I have noticed on daily a break (good break) of a ppz with trend, sometime will retrace to almost the pip to touch that ppz and use it as S or R. Some times this ppz also confluences with a fib,trend line or MA, which seems to give it more weight.

I backtested this last night and it looks like a good candidate to add to me demo. It also looks like what rac does on some of his trades.

Any thoughts (from more experienced traders).
Regards

Chatzi
  • #55,132
  • Feb 16, 2010 5:11am Feb 16, 2010 5:11am
Quoting chatzi
I want to ask a question about touch trades, (an advanced method that newbies should not start with, if you are new goto page 1 and follow from there).

I have noticed on daily a break (good break) of a ppz with trend, sometime will retrace to almost the pip to touch that ppz and use it as S or R. Some times this ppz also confluences with a fib,trend line or MA, which seems to give it more weight.

I backtested this last night and it looks like a good candidate to add to me demo. It also looks like what rac does on some of his trades.

Any thoughts...
Well you see price action comes from touches of levels or areas of intrest to investors. Aslong as your risk is small compare to the reward its worth an investement even if the odds are as good as 50/50. If you tell me you will pay me 3 bucks everytime it lands heads and I pay you one dollar every time it lands tales. I would love to play lol
  • #55,133
  • Feb 16, 2010 5:19am Feb 16, 2010 5:19am
Quoting Shermenator
Well you see price action comes from touches of levels or areas of intrest to investors. Aslong as your risk is small compare to the reward its worth an investement even if the odds are as good as 50/50. If you tell me you will pay me 3 bucks everytime it lands heads and I pay you one dollar every time it lands tales. I would love to play lol

Ill be recording the demo results including max run for each trade, once I have enough trades I can better work out the win rate and R/R.

BTW I have a good spreadsheet that shows how many trades (n-trades) it will take to reduce your account by % based on your risk per trade. Then based on this what probability that you will get n-trades losing trades based on your win ratio. If anyone wants a copy let me know. After you use it you will realise why experienced traders advocate small % risk.

Chatzi
  • #55,134
  • Feb 16, 2010 5:27am Feb 16, 2010 5:27am
Quoting chatzi
I want to ask a question about touch trades, (an advanced method that newbies should not start with, if you are new goto page 1 and follow from there).

I have noticed on daily a break (good break) of a ppz with trend, sometime will retrace to almost the pip to touch that ppz and use it as S or R....
These 5 posts changed my life (specially first one cause it was directed at me). See if they could change your's.

So you have read "ROASO". read it one more time.

http://www.forexfactory.com/showpost...ostcount=50642

http://www.forexfactory.com/showpost...postcount=8420

http://www.forexfactory.com/showpost...postcount=8468

http://www.forexfactory.com/showpost...postcount=8429

http://www.forexfactory.com/showpost...postcount=8431
.
  • #55,135
  • Feb 16, 2010 5:37am Feb 16, 2010 5:37am
Quoting supremeChaos
Greetings MP!
i believe u have a noble idea.

however, my concerns are:
1. IMHO, it is difficult to find a trader "with a similar level of understanding": u will find/realize either u have more understanding/knowledge than him/her, or the opposite.
2. each trader has a unique risk profile, personality, goals etc. so u & your trading buddy may have several disagreements (trading opinion) along the way.
3. each trader has a unique lifestyle (employed, unemployed, etc)


if i may suggest, here is an alternative:
have a trading buddy, one that...
Thanks for your input SC.
1) I agree it would be difficult to find someone with an almost identical grasp/interpretation of the fundamentals but someone with a similar number of years in experience should hopefully be a good indicator. My reasoning behind this was because I by no means consider myself worthy of being a teacher for my buddy, it should be a mutually beneficial relationship.

2) This is may not be such a bad thing and is what I am actually trying to look for. An open discussion can only be good, if however we still do not come to a conclusion then this forum can always be used for a 3rd opinion. Yes our goals may be different but again a good set up will always be a good set up, how much you risk per pip in terms of absolute amount would depend on your own financial/demo situation.

3) I would like to make it clear that the effort in this would be 50/50 and definetely not one sided. If you are going to be a part of this and then take trades on a whim or secretly then this is obviously not going to work so there would be no point in wasting either persons time.

Although if any of the above suggestions do not work then we can always tweak it to make it work. I don't think making my own decisions will/is working for me as I am too flippant with my account.

Once again, I appreciate everyone's feedback.

  • #55,136
  • Feb 16, 2010 5:42am Feb 16, 2010 5:42am
Quoting nasir.khan
These 5 posts changed my life (specially first one cause it was directed at me). See if they could change your's.

So you have read "ROASO". read it one more time.

http://www.forexfactory.com/showpost...ostcount=50642

http://www.forexfactory.com/showpost...postcount=8420

http://www.forexfactory.com/showpost...postcount=8468

http://www.forexfactory.com/showpost...postcount=8429

http://www.forexfactory.com/showpost...postcount=8431
....

Thanks Nasir,

I will be reading those carefully soon, I have read it once, its on my toilet at the moment so reading it a bit everyday or so.
  • #55,137
  • Feb 16, 2010 5:43am Feb 16, 2010 5:43am
Quoting jarroo
Hey guys and gals,

I'm in FLORIDA. My father had taken ill over the Holidays and has recovered so well that he was fit enough to return home to FLA. So I drove both my parents down here over the weekend and will stay for a bout a week.

Goodby Michigan snow . . . . at least for a week.
I didn't know you were from Michigan as well.........yeah, we have had a ton lately. Hope all is well with the family!

Nathan
  • #55,138
  • Feb 16, 2010 5:49am Feb 16, 2010 5:49am
Quoting nasir.khan
These 5 posts changed my life (specially first one cause it was directed at me). See if they could change your's.

So you have read "ROASO". read it one more time.

http://www.forexfactory.com/showpost...ostcount=50642

http://www.forexfactory.com/showpost...postcount=8420

http://www.forexfactory.com/showpost...postcount=8468

http://www.forexfactory.com/showpost...postcount=8429

http://www.forexfactory.com/showpost...postcount=8431
....
Lol the last 2 or three links I read last night thats when I got the light bulb moment and hit the charts. The first one has be scratching my head a bit, needs more thought.

Thanks.

Chatzi
  • #55,139
  • Feb 16, 2010 5:51am Feb 16, 2010 5:51am
10 minutes to go until close of this candle.
Attached Image (click to enlarge)
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  • #55,140
  • Feb 16, 2010 5:53am Feb 16, 2010 5:53am
Quoting fxlan
I would gladly cut my sleeping time..but i am not sure its healthy
Sleeping pattern info...

Anyone here heard of Polyphasic sleeping??

(Most of you would have heard of your circadian rhythm anyway. )

There are three types of sleeping...

Monophasic :-
Where you sleep in one session a day... such as 8 hours at night.

Biphasic:-
Where you have one main session and another 'siesta' style session later on in the day

Polyphasic:-
Sleeping in small amounts throughout the day trying to squeeze more waking hours out of each day. i.e. 2hrs + 20 mins + 20 mins + 20 mins + 1 hour and so on spread out through the day. There's thousands of blogs of people trying to do this in their own inventive ways.

It's normal for us to be Monophasic or Biphasic sleepers and be completely healthy. Even better is the suggestion that you should 'free-run' your sleep (Let your body tell you when to sleep and wake-up , always)

As a trader it's very tempting to sleep all over the shop and irregularly and try and catch all the sessions in many many markets. ...Tempting to go the Polyphasic route.

I had to look this up this past couple of months, got too curious, and of all the links that I found, this guy (doctor or something) gave up VERY convincing information that pretty much told me to STOP right there and find a way to stay with normal sleeping patterns.

Sleeping Pattern FAQ

I found many articles before this, too, and spent most of a whole day reading. (You have to with info on the internet , to filter out the B.S. )
Now that the subject has come up here, I wish I'd bookmarked it all. (was on another PC)

Another article I come across explained how your liver , etc, need their 'time allotments' during certain phases of your primary sleeping session. ...all related to certain important parts of your body having their own circadian rhythms and synchronising with the master clock and so on... (Jet-lag anyone??)

Do the research , it's eye opening and should be totally obvious to what you've experienced yourself over your lifetime so far.

Similar to supremeChaos mentioned... I already know that I'm a lot healthier for getting decent sleep the past twelve months , and after all this new information, I am now 100% convinced that you can't afford to fight your body on this one more than a couple of times a week. It all has to balance out, and it has to include periods where you let your body tell you when it's ready to wake up rather than using alarms to interrupt it. It's a lot more significant than just making you tired and run down.

I've started to play with a table trying to figure out where I should synchronise my self to in the 24-hr day. Will get back to that one day. lol ..I seem to be a bi-phasic sleeper most of the time.

Quoting mbqb11
Sure would be easier , but I make out ok. Some days you sleep more then others. I set alarms , and I am not mad when I miss something(that mad at least).

I think the aussies have it the best (aussie aussie aussie OY OY O Y! right?)
Used to be pretty good. Until the financial meltdown killed a lot of the London session (in my mind at least). Great here if your end of day trading. Check charts at 5pm (NY time) and then go about your normal day (around 9am at the moment. 7am middle of the year)

There are still good set ups during sane hours, but they're rarer at the moment.

I'd love the NY/Europe session to be during sane hours here. Perth in W.A. would be tolerable (anyone here?). They're two hours (and 5 years ) behind us over here on the east. Even better later on when the Daylight Savings times change around again the next couple of months.

Right now, I think the Middle eastern countries get the best time frame for intra-day trading.
Bundy's status today: "Waiting..."
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